No matter where you are in your business’s journey, we have a checking account for you!

You may have some questions on how to and what you’ll need to open a business account, and we want to be a resource for you when it comes to all things business banking in your new business adventure! As soon as you register your business, you will most likely decide where you will keep your business income. So first, let’s open a business bank account so that all business transactions can be conducted in the account that you have named ownership to. You will also able to keep accurate bookkeeping records. Without proper bookkeeping records, tax time can become a nightmare as you are subject to missed deductions and a limited audit trail. Not to mention, if a lawsuit was to arise, mixing your business and personal finances can lead to serious implications.

What if your business isn’t registered with the state? We can still have an account for you! If you are Doing Business As, DBA, we can title the account in the business name you are using so all check transactions and automatic payments coming in will run directly through your DBA account. Even if it isn’t registered, keeping these, DBA transactions, separate from your personal banking is important.

Below we have listed business account types and the documentation you will need when you open your new business account with Welch State Bank. Remember, taking the time to open a business bank account will be of great benefit to you and we have the perfect account for your business!

More Than Free

  • Free Instant Debit Card
  • Free Online Banking
  • Free Mobile Deposit
  • Free Mobile Check Deposit
  • Unlimited Transactions
  • No Minimum Balance
  • No Monthly Service Charge
*eStatements required

Your Choice

  • Free Instant Debit Card
  • Free Online Banking
  • Free Mobile Deposit
  • Free Mobile Check Deposit
  • Unlimited Transactions
  • No Minimum Balance
  • Paper Statements $6.29/month

Business Interest

  • Free Instant Debit Card
  • Free Online Banking
  • Free Mobile Deposit
  • Free Mobile Check Deposit
  • Unlimited Transactions
  • $1500 Minimum Balance

Business Banking Benefits

We have experts that can assist with all things business banking!

What type of business are you?

When opening a business checking or savings account, banks are required to obtain information that allows them to verify the business and the individuals associated with it.

Corporations and LLCs are legally required to manage their income in separate business bank accounts. Sole proprietors can manage personal and business income in the same account, and we can help talk you through the best option for you.

Sole Proprietor/DBA

  • • SSN of Owner.
  • • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.

Corporation

  • • TIN of Corporation.
  • • Articles of Incorporation.
  • • Corporate Resolution.
  • • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.

LLC

  • • TIN of LLC.
  • • Articles of Organization.
  • • Operating Agreement.
  • • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.

Not-For-Profit Organization

  • • TIN of Organization.
  • • If incorporated, follow corporation guidelines.
  • • If tax-exempt, IRS documentation or tax return.
  • • If not tax-exempt, an authorization letter.
  • • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.

Partnership

  • • TIN of Partnership.
  • • Partnership Agreement.
  • • Certificate of Partnership.
  • • All owners/signers on the account will have to provide a copy of their Driver’s License, SS#, contact number, and email.

Now that you know what documents you need to set up a business checking account, you’re one step closer to opening your business checking account and thus creating a much needed decision between your personal finances and your business finances.

To open a Welch State Bank Business Checking Account, fill out and submit our online application.

It’s easy to move your business account to Welch State Bank. We are here to help!

Contact Us

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